CALGARY, Alberta, April 23, 2018 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana Energy" or the "Company") (TSX:TEI) held its extraordinary meeting (the "Meeting") of holders ("Debentureholders") of 6.75% convertible unsecured subordinated debentures of Toscana due June 30, 2018 ("Debentures") on April 23, 2018 in Calgary, Alberta. An aggregate of $10,499,000 principal amount of Debentures, representing approximately 52.50% of the issued and outstanding Debentures, were represented in person or by proxy at the Meeting.
Toscana is pleased to report that the special resolution to amend the Debentures to:
Year | Percentage | ||
2018 | 103% | ||
2019 | 102% | ||
2020 | 100% |
e. to make such other consequential amendments as required to give effect to the foregoing was approved as follows:
Votes For | Votes Against | ||||
Number | Percentage | Number | Percentage | ||
9,390 | 89.44% | 1,109 | 10.56% |
The required approvals from the holders ("Shareholders") of Common Shares were also received at the annual and special meeting of Shareholders on April 23, 2018. Toscana and Computershare Trust Company of Canada will finalize the supplemental indenture to implement the amendments to the Debentures, which will be effective as of June 30, 2018.
Current certificates representing Debentures remain valid as they are and are deemed to reflect the amended terms; however, should a Debentureholder wish to exchange such Debentureholder's current certificate for a certificate containing the amended terms, please contact Computershare Trust Company of Canada at corporatetrust.calgary@computershare.com or (403) 267-6800.
About Toscana Energy Income Corporation
Toscana Energy is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.
For further information, please contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
Source: Toscana Energy Income Corporation